Aberdeen Asset & Standard Life reveal how CEOs will share role

Aberdeen Asset & Standard Life reveal how CEOs will share role

Following the merger of Aberdeen Asset and Standard Life, the Scottish fund manager giants have announced how both CEOs will share their future role.

Martin Gilbert of Aberdeen Asset Management and Keith Skeoch of Standard Life, will become Co-Chief Executive Officers.

Skeoch is to have individual accountability for day-to-day running of the business, including investments, pensions and savings, operations, finance, human resources, risk and regulation and the joint ventures Standard Life has in India and China.

Gilbert will be in charge of international activities, client engagement and business development, marketing and corporate development.

The sharing of roles reflects that the merger was formed with Standard Life in a stronger position. Aberdeen Asset Management has been in a weaker position since emerging markets declined, and £100billion has since been withdrawn from its management – BBC News reports.

The collective firm will have around £660billion under management.

Both Chief Executives will share responsibility for core parts of the role, including the executive committee, developing strategy and objectives, monitoring performance and the integration programme after the merger takes place.

The statement issued by both companies explains that a committee of the two CEOs and the Chairman and Deputy Chairman, will handle questions about the joint leadership.

BBC News reports that this is in part to reassure investors and clients that the merged company has clear direction and avoids conflicts. The two men say they have been friends for decades, and go fishing together.

Sir Gerry Grimstone, Chairman of Standard Life and of the merged group, which is yet to be named, comments: "I am delighted that we have announced these clear accountabilities for the Co-CEOs in the combined business.

"Both Boards have thought carefully about the key responsibilities and believe that the proposals play well to Keith's and Martin's respective leadership strengths.

"This blend of complementary skills and experience will serve the company well."

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Image courtesy of 2016 Standard Life

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